Case 1.1 - Enron Corporation ------------------------------------------------- Discussion 1 The parties we believe to be most at fault for the crisis in this case are a) the Audit Firm engaged in the Enron audit (Arthur Andersen); b) Enron Management (Kenneth Lay‚ Jeffrey Skilling‚ Andrew Fastow; and c) the SEC. The Public Accounting Firm: Arthur Andersen The auditor has the responsibility to evaluate the risk of material fraud‚ including: * Incentives and motives for fraud : Enron was a fast
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Problem: What can Enron do to salvage the Dabhol project and its ties to India? After nine years of an obvious debacle‚ it seems that Enron and the Indian government have reached a state of impasse‚ where a sustainable long term relationship cannot be achieved. Enron has chosen to terminate the agreement by offering to the Indian Prime Minister Enron’s 65% equity in DPC for US$1.2 billion and offshore debt for US$1.1 billion. o Various political parties have consistently used Enron as an issue to
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Effects of the Enron Scandal (Kassie) The Enron scandal had a great effect on the United States‚ with an impact on individuals from the consumer level to those running the company as well as the stock market and investors. Throughout the scandal‚ 4‚500 employees lost their jobs and investors lost approximately $60 billion dollars within a few days. The loss of such a large sum of money meant the loss of old-age and retirement security for many of the investors who put their money and faith in the
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Arthur Anderson & Co. was also to blame as they were the accountants for Enron. They were the ones with the expertise who should have known better and looked to fully explain and disclose what they knew. Anderson’s commitment is to the shareholders‚ not to their client and they needed to act in a way and present the statements fairly so that a user could make an informed decision and that the statements presented fairly. Enron is also to blame. They were focused on profits – which is not necessarily
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The meaning of crime A crime can be defined as any act or omission of duty that results in harm to society and which is punishable by the state. You should take particular note of the fact that a crime‚ by definition‚ harms society as a whole. For this reason‚ while not undermining the impact that crimes have on particular victims‚ crimes are prosecuted by the state‚ i.e. it is not the role of the victim to prosecute the person(s) committing the crime. Accordingly‚ criminal cases in Australia
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The two movies I viewed were Texas Chainsaw Massacre and Poltergeist‚ which were both directed by Tobe Hopper. Both films displayed the general rules horror films generally follow through the use of horror film genre conventions. For instance‚ both movies follow the good verses evil story lines and in each the end does ultimately win. However‚ this is not entirely true in Texas Chainsaw Massacre. The friends represented the good and the chainsaw carrying monster and his family portrayed the evil
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CASE 4-1: Bessrawl Corporation Reconciliation of net income from U.S. GAAP to IFRS 2011 Net Income according to U.S. GAAP attributable to equity holders of Bessrawl Corporation ………… $1‚000‚000.00 IFRS adjustments: Add: Reversal of inventory cost written down to replacement cost….. 10‚000.00 Less: Additional depreciation of building after 2011 revaluation……..
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Enron The affect of the unethical behavior of the profitability of Enron was that the third party “outside” independent auditors was not able to backup and have accounting financial statements‚ some of those auditors and financial institutions may have been misled by the corporation’s net income. If I was an accountant for this company I would have followed regulated federal security laws‚ and if failed to provide prove of documents or financial statements‚ I would admit to my mistakes but also
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Case Study: Slavery in the Chocolate Industry This case is about the slavery of young men in the Chocolate industry. Chocolate is made from the highly prized top quality cocoa beans that are grown on farms in West Africa‚ especially the Ivory Coast and Ghana‚ which make up close to half of the world’s chocolate. Slavery in the chocolate industry raises many issues including systematic‚ corporate and individual ethical issue. Here I’m going to discuss the issue I observed in this case
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will try to compare two films which are "A Birth of a Nation" directed by D.W.Griffith and "The Bicycle Thieves" directed by De Sica. After giving the story of the films‚ I will try to explain their technical features and their similarities. A Birth of a Nation by D. W. Griffith Griffith can be seen as the first ’modern’ director‚ his greatest achievements being the historical epics The Birth Of A Nation. When it was released‚ it was one of the longest films ever made‚ over three hours
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